much just use it or stream to german russian pipeline plans to restart construction later this week. and nearly 100 percent of funding has already been provided on cyber monday to record online sales of 10800000000 dollars. we'll tell you what the forecast is for the overall holiday season. but retailing and humor science for us are we have a lot to get to. so let's get started. after a year's delay, germany said construction of its nord stream to pipeline will resume this week. a german agency indicated it may have found a way to skirt u.s. sanctions, those that halted the pipeline running from russia to europe across the baltic sea . last december. the vessel can lay down pipelines without anchors, and it can set down pipe out about a 3rd of the speed as a vessel that swiss pipeline company also uses using prior to this. well, a majority of the remaining section will be in danish waters, and pipe laying out will restart in germany territory by the end of this week. meanwhile, the pipeline operator announced gazprom and its european partners. they've provided

nearly all of the funds for completion of the pipeline. the company said almost 100 percent of required funds have already been provided by the shareholder and financial investors. the us is expected to announce new sanctions against the pipeline in the coming weeks. united states is imposing new sanctions against a chinese tech company for doing business with venezuela. the u.s. treasury department accuse the chinese national of tronics import and export corporation of supporting the illegitimate maduro regimes efforts to undermine the next on democracy. as artie's alex, my hilditch explains, the move is ramping up tensions with the 2 nations, just ahead of the transition of power here in washington. it's the latest move by the u.s. to try to contain venezuela. and this time washington's aim was to hit 2 birds with one stone. the u.s. treasury department has imposed sanctions on the china national electronics import and export corporation. the chinese company is accused of providing software

training and technical experts to venezuela's government, which the u.s. would like to see removed from power. u.s. secretary of state mike pompei all sent out this tweet. the u.s. is sanctioning p.r.c. tech firms, c e e e. c, for enabling the majority for its to undermine democracy in venezuela. their support to restrict internet service and conduct digital surveillance against political opponents is robbing venezuelans of a democratic future. while the us has unsuccessfully attempted to install venezuelan politician want guy go as ruler of the country, venezuela's president nicolas maduro continues to remain in power, and his government is recognized by the united nations, as well as backed by cuba, russia and china. meanwhile, china is criticizing the u.s. move against the company from that country, saying that not only is it an attempt to interrupt business between 2 sovereign nations, but it is also illegal. and i'm a fan of the relevant actions of the united states are purely

a pretext to suppress relevant enterprises in venezuela in china. and china urges the u.s. to abide by international law and the basic norms of international relations to take concrete actions to correct mistakes and revoke all kinds of illegal sanctions . in recent weeks, the trumpet ministration has issued a number of sanctions against china and russia. in what some analysts believe is a part of a last gasp before a new government arrives in the us in january. as for this particular strike against china, many believe that there's more to it than meets the eye. aside from the ongoing trade tensions between the states and the asian superpower, the u.s. is peeved that china resumed accepting direct oil shipments from venezuela. china officially stopped buying oil from the south american nation for over a year following u.s. sanctions on bet, as well as state oil company p.t.v. essay. but with china u.s. relations at what some call an all time low. china is once again buying crude from venezuela. in fact, as the u.s.

attempts to tighten its grip on but as well and china has recently nearly tripled its crude oil imports from that country. bloomberg venezuelan oil exports surged to more than half a 1000000 barrels a day in november with nearly all of it heading to china. all things considered year over year. that's still a 48 percent drop in oil exports for venezuela. venezuela has the world's largest proven oil reserves, and its energy industry has been a primary target for american sanctions in its long standing regime change operation against the country. venezuela's oil revenues account for approximately 99 percent of that nation's export earnings. as for china, it intends to continue working with venezuela and promises to protect its businesses from american interference to a shelter. china will take the necessary measures to safeguard the legitimate rights and interests and chinese enterprises. the company at the center of it all, trying to national elec, tronics, important export corporation,

trades and electronics, including equipment used for military and construction purposes. the us has not specified what provoked the sanctions against the firm. for boom bust, i'm alex my love it. and what the trumpet, ministration, moving forward with its blacklisting of chinese companies. the big question for u.s. investors. how will this blacklist affect natural funds? well, joining me now to discuss is campaign a list pencil on ben. as alex mentioned, the u.s. is continuing its blacklisting of any farms that it claims really supports the chinese military. and alice is extended to any firms that actually might work with the country of venice. well, what does this mean for these investors? well, it could mean a lot of things. i mean, if you're an investor and you don't know, obviously you can get in trouble for it. you don't know. but what it does mean is there will probably be a pretty strong realignment of some of these mutual funds that do deal with technology companies. because remember what the u.s. government is doing right now is, you know, about 89 chinese companies that they say are supporting chinese military. but that

doesn't mean that they're doing direct sales. so the military is developing any kind of technology or equipment that can also be used by the military. so it's a pretty broad redefinition of what it means to be supporting the military. the other thing that's important to know here is that china, in its 5 year plan, has done something kind of unique where they are taking military. they are taking consumer products. they are taking essentially every form of technology across the board and consumer sector. and they're saying all these things should work together to promote china and move china forward. so what that really means is that really any chinese company could be seen as supporting the chinese military because of the chinese view that everything should be kind of have this synergy between it to move the nation forward. so we're talking about china and now venezuela, you have kind of a messy situation between these 2 entities and what that actually means for consumers or for investors rather, is an issue of whether or not investors can say i can safely have my, my funds in those mutual funds because i'm not exactly sure what it's going to mean

for me. long term if you know, i'm invested in something i don't know is violating sanctions or not. well, even if the fact that these companies are in china all together, that automatically then puts them in this branch. well, you can, that's the thing is that so far what the u.s. government is that is, it's targeted specifically $89.00 companies. but what i'm telling you is, is that what china has done in terms of its own kind of 5 year plan for redefining the country and moving everyone forward is that there's a lot of crossover. so, you know, here we have certain companies like, you know, raytheon, we have boeing, we have certain into t's right, that we know are selling to the u.s. military. those would be military contractors, but it doesn't work that way in china. what china has done is they are saying, every kind of technology company should be also helping the military should be helping the government. everyone should be working together. so just because you create technology that's in use by the military doesn't make you a military contractor here in the u.s. . i'm sure service members and the military uses apple. i phones and they use

enjoyed. i'm sure they do, but does it make the military contractors and does it mean that they're supporting the military, specifically as a company, but that's the way the truck with ministration has redefined companies that are in china that work with military. well, they're insisting to we heard the u.s. is cracking down specifically on the chinese talent on technology. companies see, i see claiming that it supporting the material regime is what they're saying. that's right. what they're saying is that the, essentially, this company is helping to suppress information in that country. interesting, right? that there's a technological company that is suppressing information that is helping the material regime to stay in power. that is sincere, in search results online that is cracking down on the ability of people in venezuela to learn about what's going on in the world and certainly within their country that is sincere in search results. there's a lot of allegation here about the way technology is being used to suppress the people of venezuela, but i find it very interesting that we're sitting sarah in

a moment where most americans would say that is happening here every single day. so why are we saying shooting this chinese company and not saying shooting google when they do it to people right here in the united states because it is happening every day. and we see it in these big american tech giants, and it's probably not going to stop us, very much, a hypocritical boom bust co-host, ben. so ana, thank you. as always for your thoughts and insight, you got a holiday shopping is looking a little bit different. this year because of cover 19 all stores across the country started sales in october in order to avoid these overcrowded malls. lines were shorter on black friday as in person shopping. decreased, but the spike in online shopping. adobe reported cyber monday, had a new record of $10800000000.00 in online sales. its forecast for the entire holiday season. a whopping $184000000000.00. this is a 30 percent increase from last year. so for more on retail and holiday shopping

and consumer science professor at the university of arizona, dr. sabrina home. professor, thank you for joining us today. these estimates from adobe, they seem extremely high, given the circumstances that millions of americans are struggling financially due to job losses from cover 1000. are americans just not doing as bad as we thought financially? well, that would be wonderful. all right. but you have to also consider that the growth of these online sales come at the expense of the reduced in store sales for traffic in stores to creased or over the last year. so although are we still expect that there would be a slight increase in overall sales news, a little one to 2 percent, but was the goal to americans financial situation while some are doing a lot worse and only if you are doing better. but spending patterns for the whole yet already changed rate saw and saw another spending has shifted maybe towards the

end of this year. and given that we saw that consumer spending was down in spring and summer months due to the, to the court and then it and spending for family and friends are spending on family and friends for gifts is for many, maybe the only option to have some sort of like, house for to close a normalcy right now. so they probably don't want to give up on those purchases. and i want to ask you about than the credit card here. i mean, since the start of the pandemic americans have been at least trying to, to save some money that we've seen that they've been paying down some credit card that earlier this week. we heard from one of our guests that once americans pay down that credit card, that it's like all the sudden they feel rich again, right. could this holiday shopping season reverse this trend of paying off debt and actually accruing more when buying these gifts? well i want to do is on american solution list on the whole, it is pretty much every year, but unfortunately those who have a lot of it usually also are willing to, you know,

dig in deep throat get in deeper. and so while many responding and gives using their credit cards, they may also be spending less on travel and transportation use here. so hopefully overall that will take some strain off finances for some families and maybe also to a less credit card as i'm sure they're trying to, at least at this, despite amazon workers. they, they say they were on strike and protested across 15 countries on black friday. some even went into cyber monday over their business practices. will they still announce that monday for 2020, amazon was the largest holiday shopping season in the country's, or the company's history. that is, are people just not giving up on amazon? not likely, though, this is also part of an ongoing trend. amazon has been receiving about every dollar spent online during the holiday season for a couple of years. and actually a couple of other winners this year are going to warm up at the top in terms of

gaining in terms of online spending. but amazon will try many consumers as just go to options for all the products that they might want to buy. and they also started out the holiday season and our shopping frenzy this year was already in october. so they pretty much set the stage for well as now cyber months and the holiday season . and they're just so much so on. now i don't see consumers but through especially given a lot of prime members, right. who get the free 2 day shipping when they don't want delays, especially during the holiday season. even there though, there may be some delays. e-commerce is obviously picking up not just this year, but in recent years, mostly during the pandemic, especially. but, but really what, what are we going to see? because some people just want to go straight to, to the mall and pick up the toys they don't want to deal with getting anything through the mail. or are we going to see an increase in curbside pick ups as well?

and are, are these companies, are these stores going to run out of the products? hopefully not. right? so how's that pick up? and in stock you drive through will pick up and all that has gone no more than 50 percent. so that's only an alternative said another shoppers are already aware of. and if they don't want to delay access to credit, so i don't want people shipping and the need to pay for shipping. it's found on many people's minds. and it's, the shipping costs are going to increase probably pretty much so. so, and its options were pick up was not tested by anybody pretty much prior to the pandemic. but it's likely going to stay, even if the pandemic ends and it's an important tool for retailers and i'll drool still, you know, or use their stores as fulfillments centaurus and not have to rely on the shipping services. but it's of course not the same as so hunting and browsing through stores

looking for treasure and probably will have to wait until you know how the other side of this and save you return to the store. so imposed storage is us and australia are hundreds. program will have to wait a little longer. it's really interesting this how this curbside pick up has more stores have brought into into doing so as to getting people so that they don't even have to come into the store. right. and just taking out curbside a lot of stores had done it before, but like you said, it wasn't really tested so it'll be interesting to see how, how it turns out, especially when it comes to returns after the holidays. whether that they'll offer me some sort of curbside pick up or they'll have to return things through the mail which could further delay the mail system. as dr. sabrina retelling and consumer science professor at the university of arizona. thanks so much for taking the time to be with us today. thanks for having me. time now for a quick break, but when we come back, but chairman john kyl and treasury secretary steven chu,

chen testified before the senate banking committee on the kerry side will explain why they remain at odds over federal loan programs. as we go to break here, the numbers that the was under make no certain, you know, borders apply to nationalities and some are sick commentary closest is this until we can do better, we should be everyone is contributing way. but we also know that this crisis

will not go on forever. the challenges create the response, has been so many good people are helping us. it makes us feel very proud that we're in it together. always be polite, never engage with a negative, aided or confrontational. also don't get into any conversation or start answering questions. just ask for an attorney to survive in the territories. definitely don't want to be going to

try to jump on cops. you're more likely to walk free if you're rich and guilty, or if you're poor, and you've got 2 eyes, 2 ears, and one mouth. so you should be seen in here and a whole lot more in your sand. if you don't take that advice, easy going to dig yourself a hole. at this point, no one knows when the cold crisis will abate. however, it is undeniable that this whole crisis does negatively impact the economy. what does it mean to returns normal? is that even possible? now it will, the divide separating the rich from the 4. continue to living is your media a reflection of reality?

in a world transformed what will make you feel safe? isolation, community? are you going the right way or are you being direct? what is true? what is faith in the world corrupted? you need to descend to join us in the depths. in the shallowness on tuesday federal reserve chairman jerome powell and treasury secretary steven nugent gave their quarterly carries our testimony before the senate banking committee. when you join and powell urged congress to provide more aid for small

businesses. so for more on today's testimony, stimulus, we are joined by boom bust co-host, christine, and founder and chief market strategist of the technical traders dot com, chris remedial and chris. let's start off with you. this is the 1st appearance of powell and newton together since they disagreed over the expiration of several emergency fed loan programs that were set, set up after the pandemic. what came out of that meeting? yeah, it was a pretty painful meeting to listen to and you know, i didn't really get a whole lot out of the, you know, we want the chairs act, kick into place. in my opinion, powell stressed the importance that the fed has these lending programs because really it is critical for the credit markets. and unfortunately, they're going to expire december 31st and it's really going to affect a lot of people. and really what we need to see, i think, are some of the stimulus plans putin and help. where are you going to say, you know, those funds could be used elsewhere as or almost 500000000000 dollars that could be

used in this attack, but he wants to use it, you know, other ways. so there's still of this kind of gridlock trying to figure out which way to go. i mean, when you look at it carlos talking about, you know, the outlook has become extraordinarily uncertain about the future with cohere in the vaccine and all these things coming together. so we're going to still at this gridlock trying to figure out where these findings going to go the research through or, and what the new stimulus plan is going to look like. and we truly are and a gridlock. what we're both are kind of opposing ends here. but today, kristie lawmakers also on tuesday unveiled their, their bipartisan 9 $100000000000.00 coronavirus stimulus package and an effort to really break through this stalemate as virus case, as it will, they're continuing to search. what does that package contain? well now after months and months of congressional inaction,

i was actually kind of optimistic today to see something potentially on the table here. so this is roughly a $980000000000.00 proposal that includes $200.00, new new $1000000000.00 in small business aid, such as p.p.p. loans, $160000000000.00 in state and local government relief, and another $180000000000.00 to fund a supplemental unemployment benefits through march. so notably, more than half of this funding about $560000000000.00 is provided by me, nugent's clawback of facilities. so this proposal would not include another direct payment to most americans. this is meant to be an interim package to provide additional support until president elect joe biden takes office in january. so currently it is still unclear whether or not this proposal will be adopted before the end of the year when many of these programs are set to expire. so these programs include an unemployment insurance, extension federal student loan payment markland, and indiction protections. so it's actually very critical that these lifelines do not expire and hit americans who are already struggling to cover these costs. so if

these unemployment programs expire at the end of the year, about $12000000.00, americans could lose their benefits. and that on top of all of this, the federal government will likely need to approve more funds to streamline the distribution of additional cobra 19 back scenes in the coming months. so i would say that it is optimistic that some work is getting done here. but let's not get ahead of ourselves. the bipartisan compromise that was originally put forward during the fall was rejected by palosi own chris who it's been rejected several times for several months. now. this is far less than democrats had hoped for that number of $108000000000.00. is there any possibility that you think this will pass? oh, it's tough. i mean yeah, it's really tough. yes. and it's going to cross or not. i think something's going to happen and some court is going to give us, i mean, the department just don't seem to want to want to make something happen. you know, i'm going to see something that's what it's it's going to be just that he will

speak to speaker nancy pelosi this afternoon, so i'm sure we'll will hear something even if nothing comes out of it all. restart negotiations, much like we followed through a few months ago that really got us nowhere. kristie, i do want to ask you about the price to reach a new all time high. it was above 19900 or 892 on december 1st, after nearly 3 years. it did come back down a little bit on this tuesday. what do you make of this? what's next for recording? well, but one of the entire could, the space is just going to continue to mature. and then as it does, we're going to see adoption grow. and subsequently the compound, the network effects take root. so we're already starting to see it with the huge arrays of institutional demand this year that we've been talking about. so let's look at grey scale grades. go to court at all time, high net inflows in november and said that more institutions invested in cryptocurrency streams, 3rd quarter of 2020,, than ever before. as there are still no b, t. c e.t.f.,

yet something that we've been waiting for for 2 years. greyscale but quite trust is really the closest thing to a big point. investment vehicle. so our average allocations for institutions range from 2200000 back and there were last year 29000 to now this year 2900000 in the 3rd quarter. and here's the real kicker. so as much as some people like peter schiff, love their goal. gold right now isn't really keeping pace here. gold prices are continuing to slide down more than 14 percent since the all time highs august. and it's now down for the 3rd straight week and more over last week, gold saw the largest weekly outflows ever as investors seem to be selling the hayseed. he had been asked to include great numbers selling gold into big and the rest of the crypto economy. so many high profile investors have actually reported that they were liquidating their entire gold positions back into an all points. and so when this happens, do you guys aren't retail? these are big high net worth implodes. and those are going to be the guys that

support the network and be the bedrock support to propel prices even higher, especially in light of all this new stimulus that we now expect to get done next year. it's interesting because big and bold, we're both going up in the same direction around the same lines not too long ago, and now we're seeing the opposite effect. chris, i do want to turn to the o.e.c.d. that now expects china to account for over a 3rd of world economic growth in 2021 is going to beat the united states and become the world's largest economy. the contribution of europe in north america will remain smaller than their way in the world economy. what's going to happen in this reset in the world order, in the aftermath of covert 19. yeah, i think i think they're going to take over and they're going to become the big leaders. i mean, united states been fighting to control and be the leaders, but china is definitely muscling in powering ahead. they've got a massive economy. they're doing really well with the coven situation. and you know, they're, they're a powerhouse to deal with a name should become the next leader. it could be if you roll or so. i think it's

not something you should be surprised to see, and i think we've kind of been seeing this slowly unfolding for many years. and this could be the breaking point here. well, especially because even before the pandemic, people were thinking that china was going to to overcome are overtake the u.s. and become the world's powerhouse. right. kristie. i think that that was certainly what everyone is expecting to china certainly has a lot of women too much. right now they are fast talking in order to develop their independence, such as establishing their own semiconductor supply chain advancing their technology, getting their board into artificial intelligence. so tyga, certainly the next frontier are what they are set to conquer. but in terms of also having a mature financial market that is going to be the next step for china, because investors are going to be drawn to put their copple in a country if they feel that it is a place where it's safe for them to invest financially, and that is what was the allure of america. so china will have to develop their

financial market as in, in addition with their technology market. well, the u.s. will have to step it up once again. when with co-host christiane, i increase from me on founder and chief market strategist on the technical traders dot com. thank you both for being on today. that's all for now, you can catch boom bust on demand on the portable to be available on your apple and android devices or simply check it out. and we'll see next time we are segregated in america by social class, middle class people also in the very 1st place. if you're born into a poor family, if you're born into a minority family, if you're born into a family that only has a single parent that really constrains your life, chances people die on average 15 years younger than if you're born into

a generation to do so every day she you meet your needs and the needs of your family just by that's when i will go with groceries. go buy, you reduce the price, will reduce allow or that's undercutting. but what's good for food markets? it's not good for the global economy, which means become more extreme in which each to do right when this is like breaking norms. not necessarily the right. isn't it the strangest one of the reality is

an investigative news website claims to have been blacklisted by british intelligence after exposing government surveillance practices declassified u.k. says it is being targeted by g. c. h q. a hung jury and a lawmaker resigned his seat in the european parliament after being caught at a party in brussels. that media is it describing as a mostly male orgy to e.u. diplomats were among the guests and iran of the n.t. over the murder of its top nuclear scientist valerie and to hunted down criminals and seek revenge.